A lot of people do not make insurance because they think that they will not be dying anytime soon so there is no need for it. But this is a terrible mistake you would be making. You never know when people could fall ill for which they need to undergo surgical procedures which are actually very expensive. Health Insurances are meant to cover your health benefits. If something goes wrong and you or anyone of your loved ones is in need of expensive surgeries, you can easily have the insurance company pay up the huge sum of money. And the best part of this deal is that there are no taxes that are imposed on this.
There are many companies, which offer insurance, but it is better for you to do your research work before you trust one. It always helps to ask people what they are using, since word by mouth advertising is very reliable. They can give you the pros and cons of the insurances they have used. However, there are more factors that you should take into account and they are given below for your benefit:
- Insurance basically offers benefits in accordance to the diagnosis of several critical illnesses. In total, they must cover about 30 of these health problems. However the total number varies from one insurance company to another. Also, all insurance companies must cover seven core illnesses. They are coronary artery bypass, kidney failure, cancer, major organ transplant, stroke, multiple sclerosis, and heart attack.
These companies should also pay if any of their policyholders become permanently disabled owing to illness or injuries.
- How much of critical illness insurance should you buy must depend on a personal choice? The best way to do this is to multiply the value of your monthly mortgage by 24 months. This is basically two years worth. This will be a relief to you since you will know that you are free of your mortgage payments when you are recovering from your illness or are undergoing treatment.
- Critical illness covers really pay out in the long run because anything can go wrong at any moment. If you find yourself in an accident, you will not have to worry about your surgeries being kept on hold because you have not been able to pay yet. The insurance companies will pay the hospital you are admitted in as soon as possible and you will be on your way to getting treatment.
- Normal illness insurance will not cover the major and dangerous diseases and for that, you will separately need to apply for critical illnesses insurance policies. This is extremely crucial for you to have.
- As mentioned under section 80D, these insurances offer a lot of tax benefits as well. This means that you will not incur huge medical bills when you are undergoing treatment and you will not have to worry about paying a single penny for these expensive procedures.
The insurance covers are not expensive at all as most people would like to believe. If you do the math correctly, you will be able to figure out that these covers are in fact, very affordable. Always make your choice after having thought of every single detail that you need to look at.